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《大行報告》摩通下調特步(01368.HK)目標價至16.6元 評級「增持」
阿思達克 10-20 11:04
摩根大通發表報告指,特步(01368.HK)今年第三季度零售銷售去化率按年增幅逾15%,超出早前預期的增長10%至15%,表現勝過同業安踏(02020.HK)品牌及Fila同期的約10%及5%增長。 該行指,特步第三季庫存回落至約四個月水平,折扣幅度也由去年同期的30%至35%,降至20%至25%。該行認為,特步第三季表現穩健,主要由於期內特步改善了線上及線下銷售渠道,並在產品創新上努力,有助提升公司品牌資產價值,維持「增持」評級。 但摩通仍對內地未來6至12個月的消費需求保持謹慎看法,認為由上而下的宏觀經濟將呈放緩,指中國第三季GDP及9月數據普遍較預期弱,因此將特步2021至2023年盈利預測下調0%至3%,目標價由20.2元下調至16.6元。 摩通預測特步今年下半年銷售增長將達到約26%,核心品牌特步增長約30%,今年盈利預期可達到9億元人民幣,淨利潤率提升至9.2%。
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